Nigeria introduces N5bn Export Development Fund for budding entrepreneurs

*The Export Development Fund supports initial expenses that exporters incur, including participation in trade fairs, training, symposiums in export market research, and exhibitions, says Tijjani Waziri, Regional Coordinator of Nigeria Export Promotion Council

Emmanuel Akosile | ConsumerConnect

In an effort at enabling the prospective beneficiaries to boost their businesses for export and improve the national economy, the Federal Government of Nigeria has initiated a N5 billion Export Development Fund to support entrepreneurs and promote exportation of locally made products.

Mr. Tijjani Waziri, Regional Coordinator, Nigeria Export Promotion Council (NEPC), North West zone, stated this at a day’s sensitisation on the “Export Development Fund’’ Thursday, March 25, in Kano State.

The NEPC Regional Coordinator disclosed the Export Development Fund was designed to enhance access to finance by potential exporters, to enable them boost their businesses for export, and improve the national economy, reports News Agency of Nigeria.

He stated: “The sum of N5 billion has been provided for the NEPC by the Federal Government to implement the scheme.

“It is a pre-shipment export incentive granted to exporters geared toward boosting their morale to achieve the desired goals.

“The fund supports initial expenses that exporters incur such as participation in trade fairs, training and symposiums in export market research and exhibitions,’’ Waziri said.

Although the export development fund scheme is for the duration of a year, there is no limit to the number of exporters that could key into the programme, according to Waziri.

Entrepreneurs and exporters drawn from the seven states of the North West zone attended the training, report said.

Some of them including, Asma’u Bega and Bello Isa-Hashim, lauded the initiative, saying that it would go a long way in encouraging productivity and promotion of exports in the country.

Bega, nevertheless, urged the adoption of measures to ensure that only genuine exporters benefitted from the scheme.